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Other Jurisdictions' Asset Management Regulation

Switzerland

The Swiss Federal Council launched a consultation on the revision of the Collective Investment Schemes Act. The revision is intended to bring the provisions of the Act in relation to the management, custody and distribution of collective capital investments in line with international standards, in particular the Alternative Investment Fund Managers Directive and the Undertakings for Collective Investment in Transferable Securities Directive. Amongst other things, the Federal Council requests opinions in relation to:

  • Mandatory authorisation and supervision by the Swiss Financial Market Supervisory Authority (FINMA) of all Swiss asset managers of foreign collective investment schemes;
  • Impose additional requirements relating to custody;
  • New requirements in relation to distribution of collective investment schemes to the public and to qualified investors.

The Federal Council has indicated that the proposed revisions are intended to enhance investor protection, avoid the influx of products and financial services providers that do not want to be subject to the more stringent EU regulations, and maintain access to the EU market for Swiss service providers.

Consultation documents

Consultation on revision of the Collective Investment Schemes Act (July 2011)

AIMA documents

Response to consultation on revision of the Collective Investment Schemes Act (October 2011)

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      2. UCITS
        1. ETFs and Structured UCITS
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    2. US Hedge Fund Regulation
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      2. Incentive-Based Compensation
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      1. UK regulatory reform
      2. European Supervisory Authorities
      3. US Self-Regulatory Organisations
    7. Remuneration
      1. UK
      2. US
      3. AIFMD
    8. Shadow Banking
    9. Volcker Rule
    10. Other
  2. Markets Regulation
    1. Bank/Capital Regulation
      1. Capital Requirements Directive
    2. Derivatives/Clearing
      1. EMIR
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Dodd-Frank Act Title VII
      5. Hong Kong
      6. IOSCO
    3. High Frequency Trading
      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC
    7. Resolution of Financial Institutions
    8. Short Selling
      1. EU Short Selling Regulation
      2. Hong Kong Short Sellling Regulation
      3. US Short Selling Regulation
      4. Short Selling Bans
    9. Trading
      1. MiFID / MiFIR
      2. Dodd-Frank Act
  3. Tax Affairs
    1. EU Savings Directive
    2. FAIFs and FINROFs
    3. FATCA
    4. FIN 48 and IAS 12
    5. Financial Transaction Tax
    6. Investment Manager Exemption
    7. UK Offshore Funds Regime
    8. Other
  4. Search
  5. Resources
    1. Noticeboard
      1. Bribery Act
      2. EU Directive on Alternative Investment Fund Managers
      3. EU Directive on Alternative Investment Fund Managers - Level II
      4. EU Directive on Markets in Financial Instruments (MiFID)
      5. FATCA
      6. FTT
      7. FSA Remuneration Code
      8. General
      9. Market Abuse Directive
      10. MF Global
      11. Securities Law Directive
      12. Short Selling
      13. UK Stewardship Code
      14. US Dodd-Frank Wall Street Reform and Consumer Protection Act
    2. Guidance Notes
    3. Quarterly Regulatory Update
 
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